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Department of the Treasury. Established: Like the State Department, the Department of the Treasury was formally established by the First Congress of the United States in 1789. First Secretary: Alexander Hamilton served under Washington from 1789-1795.
To manage the new country's money, the Department of Finance was created in 1781. The next year, Government debt was reported to the public for the first time. The U.S. debt in 1783 totaled $43 million. That year, Congress was given the power to raise taxes to cover the Government's costs. However, the taxes did not bring in enough money. The debt continued to grow as the Government grew and provided more services to the people. The U.S. Treasury Department was created in 1789 to help the country borrow money and manage the debt.